Edison International (EIX, Financial) filed Quarterly Report for the period ended 2009-09-30.
Edison International is an international electric power generator distributor and structured finance provider. Edison International is one of the industry leaders in privatized deregulated and incentive-regulated markets and power generation. It is the parent company of Edison Mission Energy Southern California Edison Edison Capita Edison Enterprises and Edison O&M Services. (Company Press Release) Edison International has a market cap of $10.48 billion; its shares were traded at around $32.18 with a P/E ratio of 8.7 and P/S ratio of 0.7. The dividend yield of Edison International stocks is 3.8%. Edison International had an annual average earning growth of 4.9% over the past 10 years.
San Onofre Steam Generator Replacement Project Recently, SCE took delivery of the first two of four steam generators which are expected to be placed in service in the fourth quarter of 2009. The project is intended to enable San Onofre to operate until the end of its initial license period in 2022, and beyond if license renewal proves feasible. SCE expects to spend $459 million over the period 2009 2011. Solar Photovoltaic Program In June 2009, the CPUC issued a final decision approving a program to develop up to 250 MW of utility-owned Solar Photovoltaic generating facilities (generally ranging in size from 1 to 2 MW each) on commercial and industrial rooftop and other space in SCE's service territory. The final decision also ordered SCE to solicit power purchase agreements from independent power producers for an additional 250 MW of rooftop solar photovoltaic power. SCE expects to spend $817 million over the period 2009 2013. SCE's 2009 2013 total capital investment plan includes capital spending in the range of $16.8 billion to $19.8 billion. See "SCE: LiquidityCapital Expenditures" for further discussion.
months ended September 30, 2009. The electrical load, calculated from published data by PJM, for these locations declined 7% and 4% during the nine months ended September 30, 2009, respectively, compared to the corresponding period of 2008. The decline in price of natural gas, which often serves as the marginal fuel source in the region, together with lower electrical demand resulted in significantly lower energy prices. Furthermore, spot energy prices affecting the Illinois Plants were adversely impacted, particularly during some off-peak periods, by congestion affecting the Northern Illinois control area. The average 24-hour PJM market price for energy at the Northern Illinois Hub and the PJM West Hub declined to $28.62/MWh and $38.65/MWh, respectively, during the nine months ended September 30, 2009 as compared to $52.68/MWh and $73.86/MWh, respectively, during the nine months ended September 30, 2008. As reflected in the net income summary below, these factors had an adverse impact on the results of operations during the third quarter and nine months ended September 30, 2009. Lower electrical load has also generally decreased congestion in the eastern power grid, thereby resulting in lower trading income in the third quarter and nine months ended September 30, 2009.
SCE's earnings from continuing operations were $346 million and $1.1 billion for the three- and nine-month periods ended September 30, 2009, respectively, compared to $235 million and $542 million for the respective periods in 2008. The year-to-date variance reflects the impact of the Global Settlement which resulted in after-tax earnings of $300 million in 2009 (see "Global Settlement" for further discussion), a non-cash accounting benefit of $46 million, in the third quarter of 2009 related to the transfer of the Mountainview power plant to utility rate base, and a charge of $49 million in the third quarter of 2008 resulting from the CPUC performance-based ratemaking decision. Excluding these items, SCE's quarter and year-to-date earnings reflect higher operating income related to the 2009 GRC decision and lower nonoperating expenses, partially offset by higher income taxes.
EMG's earnings (loss) from continuing operations were $61 million and $(445) million for the three- and nine-month periods ended September 30, 2009, respectively, compared to $208 million and $479 million for the respective periods in 2008. The quarter and year-to-date variances reflect lower income at its coal- and gas-fired projects driven by lower energy prices and lower trading income. The quarter variance also reflects a charge recognized in 2008 related to hedge contracts with Lehman Brothers Commodity Services Inc. The year-to-date variance also reflects the impact of the Global Settlement (see "Global Settlement" for further discussion), lower earnings at Edison Capital and the favorable buy-out of a coal contract at Midwest Generation in 2008.
Edison International (parent) and other earnings (loss) from continuing operations were $(3) million and $34 million for the three- and nine-month periods ended September 30, 2009, respectively, compared to $(10) and $(22) million for the respective periods in 2008. The after-tax earnings for the nine months ended September 30, 2009 were primarily due to the impact of the Global Settlement resulting from lower combined state deferred income taxes recorded by Edison International and its subsidiaries under their respective tax allocation agreements (see "Global Settlement" for further discussion).
Read the The complete ReportEIX is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Charles Brandes of Brandes Investment, Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, PRIMECAP Management.
Edison International is an international electric power generator distributor and structured finance provider. Edison International is one of the industry leaders in privatized deregulated and incentive-regulated markets and power generation. It is the parent company of Edison Mission Energy Southern California Edison Edison Capita Edison Enterprises and Edison O&M Services. (Company Press Release) Edison International has a market cap of $10.48 billion; its shares were traded at around $32.18 with a P/E ratio of 8.7 and P/S ratio of 0.7. The dividend yield of Edison International stocks is 3.8%. Edison International had an annual average earning growth of 4.9% over the past 10 years.
Highlight of Business Operations:
Eldorado-Ivanpah Transmission Project A proposed 220/115 kV substation near Primm, Nevada and an upgrade of a 35-mile portion of an existing transmission line connecting the new substation to the Eldorado Substation, near Boulder City, Nevada. Over the period 2009 2013, SCE expects to spend $464 million for the project. On October 1, 2009, SCE filed a request for incentives at FERC for the Eldorado-Ivanpah Transmission Project. SCE requested 100% abandoned plant recovery, 100% CWIP recovery, and a 150 basis point ROE project adder. EdisonSmartConnect SCE's advanced metering project that will install "smart" meters in approximately 5.3 million households and small businesses throughout its service territory. SCE began full deployment of meters in 2009, and anticipates completion of the deployment in 2012. SCE estimates capital costs of $1.2 billion over the period 2009 2012. Other capital investments consisting of $1.8 billion for transmission development and $10.1 billion for distribution projects to improve reliability and expand capability of its infrastructure over the period 2009 2013. Generation ProjectsSan Onofre Steam Generator Replacement Project Recently, SCE took delivery of the first two of four steam generators which are expected to be placed in service in the fourth quarter of 2009. The project is intended to enable San Onofre to operate until the end of its initial license period in 2022, and beyond if license renewal proves feasible. SCE expects to spend $459 million over the period 2009 2011. Solar Photovoltaic Program In June 2009, the CPUC issued a final decision approving a program to develop up to 250 MW of utility-owned Solar Photovoltaic generating facilities (generally ranging in size from 1 to 2 MW each) on commercial and industrial rooftop and other space in SCE's service territory. The final decision also ordered SCE to solicit power purchase agreements from independent power producers for an additional 250 MW of rooftop solar photovoltaic power. SCE expects to spend $817 million over the period 2009 2013. SCE's 2009 2013 total capital investment plan includes capital spending in the range of $16.8 billion to $19.8 billion. See "SCE: LiquidityCapital Expenditures" for further discussion.
months ended September 30, 2009. The electrical load, calculated from published data by PJM, for these locations declined 7% and 4% during the nine months ended September 30, 2009, respectively, compared to the corresponding period of 2008. The decline in price of natural gas, which often serves as the marginal fuel source in the region, together with lower electrical demand resulted in significantly lower energy prices. Furthermore, spot energy prices affecting the Illinois Plants were adversely impacted, particularly during some off-peak periods, by congestion affecting the Northern Illinois control area. The average 24-hour PJM market price for energy at the Northern Illinois Hub and the PJM West Hub declined to $28.62/MWh and $38.65/MWh, respectively, during the nine months ended September 30, 2009 as compared to $52.68/MWh and $73.86/MWh, respectively, during the nine months ended September 30, 2008. As reflected in the net income summary below, these factors had an adverse impact on the results of operations during the third quarter and nine months ended September 30, 2009. Lower electrical load has also generally decreased congestion in the eastern power grid, thereby resulting in lower trading income in the third quarter and nine months ended September 30, 2009.
SCE's earnings from continuing operations were $346 million and $1.1 billion for the three- and nine-month periods ended September 30, 2009, respectively, compared to $235 million and $542 million for the respective periods in 2008. The year-to-date variance reflects the impact of the Global Settlement which resulted in after-tax earnings of $300 million in 2009 (see "Global Settlement" for further discussion), a non-cash accounting benefit of $46 million, in the third quarter of 2009 related to the transfer of the Mountainview power plant to utility rate base, and a charge of $49 million in the third quarter of 2008 resulting from the CPUC performance-based ratemaking decision. Excluding these items, SCE's quarter and year-to-date earnings reflect higher operating income related to the 2009 GRC decision and lower nonoperating expenses, partially offset by higher income taxes.
EMG's earnings (loss) from continuing operations were $61 million and $(445) million for the three- and nine-month periods ended September 30, 2009, respectively, compared to $208 million and $479 million for the respective periods in 2008. The quarter and year-to-date variances reflect lower income at its coal- and gas-fired projects driven by lower energy prices and lower trading income. The quarter variance also reflects a charge recognized in 2008 related to hedge contracts with Lehman Brothers Commodity Services Inc. The year-to-date variance also reflects the impact of the Global Settlement (see "Global Settlement" for further discussion), lower earnings at Edison Capital and the favorable buy-out of a coal contract at Midwest Generation in 2008.
Edison International (parent) and other earnings (loss) from continuing operations were $(3) million and $34 million for the three- and nine-month periods ended September 30, 2009, respectively, compared to $(10) and $(22) million for the respective periods in 2008. The after-tax earnings for the nine months ended September 30, 2009 were primarily due to the impact of the Global Settlement resulting from lower combined state deferred income taxes recorded by Edison International and its subsidiaries under their respective tax allocation agreements (see "Global Settlement" for further discussion).
Read the The complete ReportEIX is in the portfolios of HOTCHKIS & WILEY of HOTCHKIS & WILEY Capital Management LLC, Charles Brandes of Brandes Investment, Kenneth Fisher of Fisher Asset Management, LLC, David Dreman of Dreman Value Management, PRIMECAP Management.
